Capital Markets Law & KapMuG.

For harmed investors and shareholders.
I represent harmed capital investors and shareholders in model proceedings under the German Capital Markets Model Case Act (KapMuG) — for false, misleading or omitted capital markets information and auditor liability. As lead counsel in the Wirecard model proceedings and as an expert witness in the KapMuG reform, I know the procedure from both sides: from practice and from legislation.

The procedure → Wirecard →

The KapMuG in practice and in legislation.

The Legal Affairs Committee of the German Bundestag invited me as an expert witness on the KapMuG reform (May 2024) — the same reform that extended the scope to auditor liability, among other areas.

The Model Proceeding

Collective redress for capital investors.

The German Capital Markets Model Case Act (KapMuG) bundles parallel damages claims of many harmed investors into a single model proceeding before the Higher Regional Court. It is Germany's central instrument for enforcing claims for defective capital markets information collectively and effectively. I represent investors and shareholders in these proceedings — from registering claims through to the oral hearing.

Representation of the model claimant in capital markets model proceedings
Judicial pursuit of auditor liability

Registration and enforcement of damages claims
Liability for false, misleading or omitted capital markets information

Related field
Beyond the KapMuG, I also represent capital investors in other mass proceedings, such as closed-end funds. More on the Mass Proceedings & Investors page.

Flagship mandate

Wirecard — Germany's largest KapMuG proceeding.

Flagship mandate · Capital markets law

Wirecard AG — Lead counsel for the model claimant

As lead counsel, I represent the model claimant in the capital markets model proceeding concerning Wirecard AG before the Bavarian Supreme Regional Court (BayObLG, case no. 101 Kap 1/22) — the largest capital markets model proceeding in the history of the KapMuG. The claims concern shareholders and derivatives investors and are based on market manipulation, accounting fraud and auditor liability.

Shareholders and derivatives investors · Market manipulation · Accounting fraud · Auditor liability

The 2024 KapMuG reform, in which I participated as an expert witness, expressly extended the scope of the act to auditors’ confirmation notes, among other matters — an issue of central importance in the Wirecard complex.